Funding you earn now, next payment 07:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h −0.220%
Price spread now: Phemex against Coinbase International−0.410%7-day average −0.454% · you buy dearer than you sell
Net, funding: paid 7d − costs−$245as in the Funding arb table
Net, price: spread back to 7d avg − costs−$159as in the Price arb table
costs, in and out, $10k−$1631.634% of the position
Funding, last 7 days−0.815%−$82 on $10k
+Price spread, last 4 days (all we have)−0.664%−$66 · spread now −0.410%, 7d avg −0.454%
=The price spread pays, funding is against you. Phemex is 0.044% dearer against Coinbase International than usual: you sell high and buy low (spread −0.410% now, against its 7-day average of −0.454%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.0 days. At the pace of the last 7 days (−0.815% in total) that is about 9 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International OPENAI-PERP-INTX | 1,623.7 | 0.0072 | pay 0.0009% / 1h | 7m 44s | $235K | $174K | 5x |
| Short | Phemex OPENAIUSDT | 1,617.1 | 0 | get 0.0000% / 8h | 7m 44s | $1.6M | $502K | 10x |
Coinbase International OPENAI-PERP-INTX
Phemex OPENAIUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Coinbase International. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$15.12
- Price spread: −0.410% → −0.454%
- $4.41
- Slippage, 4 orders
- −$141.44
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$174.14
- Costs to cover
- 1.634%
- Break-even
- never at this rate
Slippage from Coinbase International: live order book, 30 min ago; Phemex: live order book, 5 min ago.
Cost to enter
taker fee + slippage from the mid, one side; closing costs about the same again| Leg | Half-spread | $10k | $100k | $1M | $5M |
|---|---|---|---|---|---|
| Buy Coinbase International live order book, 30 min ago | 8.07 bp | 21.6 bp −$22 | 48.9 bp −$489 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 5 min ago | 0.87 bp | 47.8 bp −$48 | doesn't fit | doesn't fit | doesn't fit |
OPENAI on 22 venues
lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| QFEX OPENAI-USD | −0.0005% | 1h | 1,616.3 | −0.460% | $1.2M | $626K | 10x | as long as short |
| Lighter OPENAI | 0.0000% | 1h | 1,706.1 | +5.069% | $1.4M | $269K | 5x | as long as short |
| Bybit OPENAIUSDT | 0.0000% | 8h | 1,656.4 | +2.013% | $736K | $269K | 25x | as long as short |
| OKX OPENAI-USDT-SWAP | 0.0000% | 8h | 1,645.1 | +1.315% | $5.1M | $1.3M | 20x | as long as short |
| Gate OPENAI_USDT | 0.0000% | 8h | 1,616.3 | −0.460% | $45.5M | $14.1M | 50x | as long as short |
| Bitget OPENAIUSDT | 0.0000% | 8h | 1,618.4 | −0.328% | $5.4M | $4.5M | 20x | as long as short |
| SunX OPENAI-USDT | 0.0000% | 8h | 1,616.2 | −0.464% | — | $2.4M | 10x | as long as short |
| Deribit OPENAI_USDC-PERPETUAL | 0.0000% | 1h | 1,617.7 | −0.371% | — | $3 | 5x | as long as short |
| HTX OPENAI-USDT | 0.0000% | 8h | 1,618.8 | −0.306% | $79K | $225K | 20x | as long as short |
| Phemex OPENAIUSDTshort | 0.0000% | 8h | 1,617.1 | −0.410% | $1.6M | $502K | 10x |
QFEX OPENAI-USD
Lighter OPENAI
Bybit OPENAIUSDT
OKX OPENAI-USDT-SWAP
Gate OPENAI_USDT
Bitget OPENAIUSDT
SunX OPENAI-USDT
Deribit OPENAI_USDC-PERPETUAL
HTX OPENAI-USDTShow all 22 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter RH OPENAI | +0.0032% | 1h | 1,673 | +3.031% | $2.7M | $6.2M | 5x | as long as short |
| Extended OPENAI-USD | +0.0048% | 1h | 1,616.6 | −0.438% | $142K | $806K | 10x | as long as short |
| Aster OPENAIUSDT | +0.0050% | 8h | 1,619.7 | −0.249% | $211K | $3K | 20x | as long as short |
| Binance OPENAIUSDT | +0.0050% | 8h | 1,616.9 | −0.424% | $22.9M | $16.7M | 20x | as long as short |
| MEXC OPENAI_USDT | +0.0050% | 8h | 1,617.5 | −0.386% | $6.6M | $5.0M | 50x | as long as short |
| KuCoin OPENAIUSDTM | +0.0050% | 8h | 1,616.2 | −0.466% | $373K | $74K | 20x | as long as short |
| Variational Omni OPENAI | +0.0050% | 8h | 1,615.5 | −0.510% | $2.6M | $760K | — | as long as short |
| GRVT OPENAI_USDT_Perp | +0.0050% | 8h | 1,616.3 | −0.457% | $2K | $176K | 10x | as long as short |
| BloFin OPENAI-USDT | +0.0063% | 8h | 1,615.3 | −0.519% | $475K | $294K | 20x | as long as short |
| Coinbase International OPENAI-PERP-INTXlong | +0.0072% | 1h | 1,623.7 | long leg | $235K | $174K | 5x | |
| Aevo OPENAI-PERP | +0.0104% | 1h | 1,616.5 | −0.448% | — | — | 10x | as long as short |
| Entropy io:OAI | +0.0123% | 1h | 1,665.1 | +2.547% | $7.6M | $2.3M | 6x | as long as short |
Lighter RH OPENAI
Extended OPENAI-USD
Aster OPENAIUSDT
Binance OPENAIUSDT
MEXC OPENAI_USDT
KuCoin OPENAIUSDTM
Variational Omni OPENAI
GRVT OPENAI_USDT_Perp
BloFin OPENAI-USDT
Aevo OPENAI-PERP
Entropy io:OAI